1. Zero Mortgage Product Fatwa
  2. Zero Securitization Disclosure Fatwa
  3. Zero Mortgage Insurance Fatwa


An independent Shari'ah Ethics Board comprised of notable scholars who are active members of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in Bahrain, has approved the product. Zero is neither a subsidiary nor an operator of a riba-based banking institution.

Different variations of Musharakah contracts exist worldwide. The Zero product and fatwa closely resemble those of Guidance Residential in USA. Zero also shares a common Shari'ah scholar with Guidance Residential. Guidance Residential has been endorsed by the Assembly of Muslim Jurists of America (AMJA) - an advisory group to the Muslim-American public with experts in Islamic jurisprudence

The agreement makes the transaction a form of Musharakah rather than an interest-bearing loan, as in the case of a conventional mortgage program. While adhering to principles of trade, Zero Mortgage Canada is helping consumers achieve their goals of homeownership and competitive benefits.

AAOIFI – Accounting and Auditing Organization for Islamic Financial Institutions is a globally accepted organization responsible for setting shariah standards for Islamic financial and investment organizations. The AAOIFI shariah committee is made up of 20 of the world's leading Islamic Finance Scholars, and chaired by Mufti Taqi Usmani

"Shari'ah Ethics Board meets and exceeds AAOIFI's requirements for the composition of Shari'ah Boards."

Sh. Taha Abdul-Basser (USA)

Frequently Asked Questions

What is Islamic Finance?

Islamic finance involves ethical financial transactions that provide for a stable economic . Under Islamic finance, rights of all parties involved in the business transaction are protected and the possibility of exploitation is eliminated. In Islam, lending money is viewed as an act of charity, not a business transaction; so, it is primarily for this reason that interest on borrowed money (riba) is prohibited. In addition to this, cash is not viewed as a tangible asset and therefore it cannot be traded for more than it is worth. The business of lending money for more than the money itself is worth (riba), only serves to create economic and social imbalance and is openly denounced by Allah (swt) and His Messenger (pbuh).

Sound financial transactions, backed by tangible assets, are beneficial for all and in keeping with Islamic financial principals. Zero Mortgage Canada adheres to these principals, avoiding interest by financing homes using a Musharakah contract that allows both parties to maintain equity interest in the property through a diminishing partnership.

The Zero Global Limited (UAE) product was approved by a board, which features experts in Islamic finance from Malaysia, Bahrain and Pakistan. The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) requires members to have at least three experts certify all Islamic financial products. The three experts in this area are:

Sheikh Nizam Yaqubi, Shari'ah Scholar, Bahrain

Sheikh Nizam Yaqubi is an advisor to numerous Islamic financial institutions, including HSBC, Citi Islamic Investment Bank, Abu Dhabi Islamic Bank, the Islamic Investment Company of the Gulf, Arab Islamic Bank and Dow Jones Indexes. He pursued traditional Islamic studies in Saudi Arabia, India and Morocco under the guidance of scholars such as Abdullah Al-Farisi and Muhammad Saleh al-Abbasi. Yaqubi has a B.A. in Economics and Comparative Religion from McGill University and is a Ph.D. candidate in Islamic Law at the University of Wales. He has published several books on Islamic law, is a frequent speaker at Islamic conferences and has taught Islamic subjects in Bahrain since 1976.

Dr. Aznan Hasan, Shari'ah Scholar, International Islamic University, Malaysia

Dr. Aznan Hasan is an Assistant Professor in Islamic law and the former head of Islamic law Department, Ahmad Ibrahim Kulliyyah of Laws, International Islamic University Malaysia. He taught subjects such as Islamic Legal Theory, Islamic Commercial Law and Islamic Banking and Finance at both undergraduate and postgraduate levels. He has served as a Shari’ah advisor to various financial Institutions and corporate bodies, including: Shari’ah Advisory Board, ACR Retakaful, Bahrain; Shari’ah Advisor, Barclays Capital, London; ABSA Islamic Bank, South Africa, and some other financial institutions and corporate bodies at both local and international levels. He is also a registered Shari’ah Advisor for the Islamic Unit Trust Schemes and Islamic securities (Sukuk), Securities Commission of Malaysia. He is also a Member, National International Zakat Organisation (IZO) Coordination Committee, an advisory body established under the Prime Minister Department. Dr. Hasan received his first Degree in Shari’ah from University of al-Azhar. He then successfully completed his Master degree in Shari’ah from Cairo University with distinction (mumtaz). He then obtained his Ph.D. from University of Wales, Lampeter, United Kingdom.

Dr. Mufti Muhammad Zubair Usmani, Pakistan

Dr. Mufti Muhammad Zubair Usmani signed the Fatwaa for Zero. He completed his Doctorate in Islamic Finance from Karachi University. He is also a Fazil Takhassus (specialist of Islamic Fiqh and Fatawa) at Darul Uloom Karachi. Apart from Zero he is also a Shari’ah Scholar for HBL (UK), Al-Markaz-ul-Islami (Bangladesh), MCB Pakistan, HabibMetro, Arif Habib, Pak-Qatar Takaful, and others. He also serves on: Sub-committee of the State Bank of Pakistan; Member Islamization of Economic Committee, Member - Implementation of Supreme Court Judgement on Riba Committee. As one of the world's leading Islamic finance scholars he sits on AAOIFI Shari’ah Standards Committee. He is a regular featured speaker at the National Institute for Banking and Finance , Centre for Islamic Economics and many others. He is the son of Grand Mufti of Pakistan, Mufti Rafi Usmani and the nephew of Mufti Taqi Usmani (who has given him Ijaza for Islamic Finance Fatwa which he has limited to only a few other Muftis).

4 Ways We Differ

  1. Halal Financing based on a Diminishing Musharakah contract
  2. Home Payment Amount is paid and not an Interest Amount
  3. Zero and our Partners will honour Halal financing requirements
  4. Zero and our Partners offer the option to pay for home improvements